American Tower Corporation Announces Closing of Securities Offering

American Tower Corporation Announces Closing of Securities Offering
Business Wire
BOSTON -- March 15, 2013
American Tower Corporation (NYSE: AMT) (the “Company”) today announced that
American Tower Depositor Sub, LLC, a special-purpose subsidiary of the Company
completed the previously announced private offering of $1,800.0 million
aggregate principal amount of Secured Tower Revenue Securities, Series 2013-1
and Series 2013-2 (collectively, the "Securities"). The Securities are backed
by the debt of two other special-purpose subsidiaries of the Company and the
debt is secured primarily by mortgages on the subsidiaries’ interests in 5,195
communications sites. The Series 2013-1 has a principal balance of $500.0
million, an interest rate of 1.551% and an expected life of approximately five
years with a final maturity of March 2043. The Series 2013-2 has a principal
balance of $1,300.0 million, an interest rate of 3.070% and an expected life
of approximately ten years with a final maturity of March 2048.
The Company’s subsidiaries used a substantial portion of the proceeds (after
payment of underwriting commissions and other transaction expenses and funding
of certain reserve accounts) of this offering to repay all amounts outstanding
under the debt backing the $1,750.0 million Commercial Mortgage Pass-Through
Certificates, Series 2007-1, and will use the remainder of the proceeds for
general corporate purposes.
This press release is neither an offer to sell nor a solicitation of an offer
to buy any of the Securities, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale is unlawful. The Securities subject to
the proposed offering have not been registered under the Securities Act of
1933, as amended, or any state securities laws, and are being offered only to
qualified institutional buyers in reliance on Rule 144A under the Securities
Act, to institutional accredited investors and to non-U.S. persons in offshore
transactions in reliance on Regulation S under the Securities Act. Unless so
registered, the Securities may not be offered or sold in the United States or
to U.S. persons except pursuant to an exemption from the registration
requirements of the Securities Act and applicable state securities laws.
About American Tower
American Tower is a leading independent owner, operator and developer of
wireless and broadcast communications real estate. American Tower currently
owns and operates over 54,000 communications sites in the United States,
Brazil, Chile, Colombia, Germany, Ghana, India, Mexico, Peru, South Africa and
Uganda.
Cautionary Language Regarding Forward-Looking Statements
This press release contains statements about future events and expectations,
or “forward-looking statements,” all of which are inherently uncertain. The
Company has based those forward-looking statements on management’s current
expectations and assumptions and not on historical facts. Examples of these
statements include, but are not limited to, statements regarding the expected
life of the Securities. These forward-looking statements involve a number of
risks and uncertainties. Among the important factors that could cause actual
results to differ materially from those indicated in such forward-looking
statements include market conditions for corporate debt generally, for the
securities of telecommunications companies and for the Company’s indebtedness
in particular. For other important factors that may cause actual results to
differ materially from those indicated in our forward-looking statements, we
refer you to the information contained in the prospectus supplement for this
offering and Item1A of the Form 10-K for the year ended December 31, 2012
under the caption “Risk Factors” and in other filings the Company makes with
the Securities and Exchange Commission. The Company undertakes no obligation
to update the information contained in this press release to reflect
subsequently occurring events or circumstances.
Contact:
American Tower Corporation
Leah Stearns, 617-375-7500
Vice President, Investor Relations & Capital Markets